GC Wealth Management RIA LLC Invests $211,000 in Occidental Petroleum Corporation $OXY

GC Wealth Management RIA LLC purchased a new position in shares of Occidental Petroleum Corporation (NYSE:OXY) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 5,030 shares of the oil and gas producer’s stock, valued at approximately $211,000.

Other hedge funds also recently modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Occidental Petroleum during the first quarter worth about $1,274,000. Kestra Private Wealth Services LLC lifted its stake in Occidental Petroleum by 5.6% in the 1st quarter. Kestra Private Wealth Services LLC now owns 17,086 shares of the oil and gas producer’s stock valued at $843,000 after acquiring an additional 906 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Occidental Petroleum by 9.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,596,699 shares of the oil and gas producer’s stock valued at $78,813,000 after acquiring an additional 140,528 shares in the last quarter. swisspartners Advisors Ltd bought a new stake in Occidental Petroleum in the 1st quarter valued at approximately $6,006,000. Finally, Blackhawk Capital Partners LLC. bought a new stake in Occidental Petroleum in the 1st quarter valued at approximately $344,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Stock Down 7.1%

NYSE:OXY opened at $44.32 on Friday. The firm has a market capitalization of $43.63 billion, a price-to-earnings ratio of 26.22 and a beta of 0.95. Occidental Petroleum Corporation has a twelve month low of $34.78 and a twelve month high of $56.49. The stock’s 50 day moving average price is $45.62 and its two-hundred day moving average price is $43.84. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $6.41 billion for the quarter, compared to analyst estimates of $6.29 billion. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The business’s quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.03 EPS. Equities research analysts expect that Occidental Petroleum Corporation will post 3.58 earnings per share for the current fiscal year.

Occidental Petroleum Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, September 10th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Occidental Petroleum’s payout ratio is presently 56.80%.

Analysts Set New Price Targets

Several equities research analysts have commented on OXY shares. Wall Street Zen cut Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Melius Research started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They issued a “hold” rating and a $64.00 target price on the stock. Scotiabank boosted their target price on Occidental Petroleum from $40.00 to $45.00 and gave the company a “sector perform” rating in a research note on Friday, July 11th. Piper Sandler boosted their target price on Occidental Petroleum from $48.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $52.00 target price on shares of Occidental Petroleum in a research note on Monday, August 18th. Four investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $53.95.

About Occidental Petroleum

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.